All Posts in "Month: June 2022"

NAICOM pushes for financial Inclusion in micro finance strategy

By Favour Nnabugwu
The Commissioner for Insurance, of the National Insurance Commission, NAICOM, Mr Sunday Thomas, has assured Nigerians that the micro insurance schemes is incorporated in the budding Nigerian financial enterprise.
The assurance came at the inaugural conference of Oriental News Nigeria with theme “Engaging with critical groups to develop effective financial inclusion initiative” which in Lagos.
Represented at the conference by Rasaaq Salami, Deputy Director/Head Corporate Communications & market Development  NAICOM, Thomas said that micro insurance  provides the leeway to protecting your property, safeguarding your belongings  from damages or loss  and ensuring you do not suffer loss when the unexpected damage or loss occurs.
It also safeguards traders or businesses of artisans and petty traders whenever their wares are destroyed, damaged or stolen.
“ Micro insurance is a way of safeguarding your property or business from any unforeseen event,and when it happens, what ever loss you ensured against will be reimbursed you”  the commissioner for Insurance assured on financial inclusion.
The Securities and Exchange Commission (SEC), on its part reiterated its commitments to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the Federal Government
Earlier in her opening address, Editor Oriental News Nigeria , Mrs Yemisi Izuora  said that the conference was conceived by Stanmeg  Communications, publishers of Oriental News Nigeria after a pain staking study  the progress and prospects of the financial inclusion policy in the country since inception in 2012.
“ The conference is being organised given that the past couple of years , the federal government and stakeholders in the financial sector have had to deal with expanding financial services tp large community of underserved pupulation and dealing with resilience challenges brought about by confluence of events that have taken place”  Izuora stated
Patoma Admin by — June 18, 2022 in Insurance 0
ECOWAS Commission says maritime security war in West Africa is almost won – Brou

By Favour Nnabugwu

 

The President of the Economic Community of West African States (ECOWAS) Commission, Jean-Claude Brou has said the war against maritime insecurity in the West African sub-region was being won.

Brou who said the attestation to this was the removal of Nigeria from the piracy list hotspot, noted that strategies were in place to equally win the war on terrorism

Brou said this while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session of the Parliament in Abuja.

He also argued that the victory against maritime insecurity could also be seen with the decreasing rate of attack in the Gulf of Guinea following actions by member countries.

He said, “A year ago, I told you that the maritime insecurity in the Gulf of Guinea was extremely disturbing and globally we were the zone having the largest number of maritime piracy attacks.

“Actions have been carried by the countries individually but also at the level of regional coordination.”

He noted that the situation had reduced slightly to the point that Nigeria has come out of the list of countries having a high level of maritime piracy.

“We will continue to work at regional level with the inauguration of our regional coordination centres for maritime security that has been set up in the various zones,” he said.

He said all together they were working actively particularly in zone F in Cape Verde.

Patoma Admin by — June 18, 2022 in Foreign 0
Allianz, Swiss Re, IDF to lead flood risk transfer project in Ghana

By Favour Nnabugwu

 

 

Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana.

The IDF, alongside the Ghana Ministry of Finance, the United Nations Development Programme (UNDP) and the German Government, announced its launching during the IDF Summit in Switzerland.

The project will aim to develop a sovereign risk transfer scheme for urban floods in Ghana, by enhancing the response of the Ghanaian National Disaster Management Organisation (NADMO) and local authorities through increased access to data, detailed risk insights, and activation of contingency protocols.

According to the announcement, the above will be done alongside long-term investments in the country’s capacity to leverage and integrate insurance and risk financing into their development strategies.

By carefully selecting a pre-defined trigger for pay-out as opposed to assessing actual losses, the parametric insurance solution will enable quick pay-outs in case of a flood. This, according to IDF, will improve resilience and support the rapid re-establishment of economic activity of low-income communities in urban areas, starting with the Greater Accra Metropolitan Area (GAMA).

Ababacar Diaw, acting CEO, Allianz Ghana, said: “The collaborative development of this parametric insurance solution through a public-private partnership plays into the UN Sustainable Development Goals and is an important contribution to increasing the climate resilience of urban poor and vulnerable people in Accra. Parametric insurance solutions are especially useful in regions where insurance infrastructure, such as good data, is less available.”

UNDP Country Representative Angela Lusigi pointed out, “At UNDP Ghana, we are committed to supporting integrated development solutions that build resilience across society to protect Ghana’s development progress. This project to develop an innovative insurance solution for managing flood risks and to provide rapid pay-outs as a safety net for poor and vulnerable urban communities is welcome.

“It will serve as a boost to government and private sector efforts to provide wider access to insurance and risk finance. By blending the financial-solution expertise developed by the government, with the long-term development and governance support offered by UNDP in partnership with the private sector, we will be able to advance Ghana’s ambitious development agenda.”

This risk transfer project, will be co-funded by the IDF insurance industry members and he InsuResilience Solutions Fund (ISF), funded by the KfW Development Bank on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and managed by Frankfurt School of Finance & Management.

Claudia Thyme, Industry Deputy Chair, IDF Sovereign and Humanitarian Solutions Working Group, said, “One reason why the protection gap persists is that it is often costly to design insurance solutions tailored to the specific needs and requirements of developing countries.

“Co-funding from the German Government enables the IDF to uniquely address this problem by working on the product development stage in cross-company teams, as an industry. Once a programme has been designed, it is easier for governments to find insurance companies to insure the risk.”

 

Patoma Admin by — June 17, 2022 in Insurance 0
Nike Popoola, two other Nigerians, Ghanians, Kenyans Egyptians for Reinsurance Journalism Awards

By Favour Nnabugwu
The Pan-African (Re)Insurance Journalism Awards 2022 organised by Continental Reinsurance Plc have shortlisted close to 20 journalists from 10 African countries for the Awards
Picked from close to 100 submissions from 22 of the continent’s nations in this year’s competition, illustrates how insurance can benefit individuals and societies at large.
Nike Popoola of Punch Newspapers and two other Nigerians for the Awards.The entries to the awards programme, now in its 7th year, were evaluated by a jury of insurance industry leaders and prominent members of Africa’s business media.
“The top entries were very competitive, covering topical issues, and combining the industry’s role in building trust, responding to risks and committing to sustained growth, with compelling human interest angles and strong narratives,” comments broadcaster and Head of the Jury, Michael Wilson.
For the first time, the awards welcomed entries in Arabic, which contributed to a rise in submissions by 37 percent
Winners will be unveiled at the 2022 awards ceremony, will be announced in Lagos, Nigeria, on 29th July 2022.
“Winners will not only walk away with cash prizes and a fully paid trip to the awards ceremony in Lagos, Nigeria but with the added benefit of knowing they are playing a vital part in elevating societies and stimulating progress amongst communities across Africa,” Michael concludes.
Shortlisted entries
Best entry Print category (English)
1)      Tunde Ajaja, Nigeria
2)      David Njagi, Kenya
3)      Nelson Mandela Muhoozi, Uganda
4)      Isaac Khisa, Uganda
5)      Nike Popoola, Nigeria
Best entry Broadcast category (English)
1)      Beldeen Waliaula, Kenya
2)      Mercy Tyra Murengu, Kenya
3)      Benadetta Chiwanda Mia, Malawi
4)      Destiny Abanyem Onyemihia, Nigeria
5)      Carolyne Tomno and Brian Tuva, Kenya
Best entry Online category (English)
1)      Felix Dela Klutse, Ghana
2)      Nike Popoola, Nigeria
3)      Prosper Ndlovu, Zimbabwe
4)      Steve Umidha, Kenya
5)      Odimegwu Onwumere, Nigeria
Best entry Arabic category (print, broadcast or online)
1)      Atif Fahim Mahrous, Egypt
2)      Maher Fadl Hanna, Egypt
3)      Eslam Abdulhameed, Egypt
4)      Chadli Gomma, Egypt
Best entry French category (print, broadcast or online)
1)      El Karmouni Ghassan Waïl, Morocco
2)      Ouedraogo Patinema Oumar, BurkinaFaso
3)      Aurélie M’bida, France
Patoma Admin by — June 16, 2022 in Insurance 0
FG to commence online verification of retirees on June 20

By Favour Nnabugwu

 

 

The National Pension Commission (PenCom) will commence online verification and enrolment exercise for retirees of federal government ministries, departments and agencies (MDAs) on June 20, 2022.

PenCom in a statement said the eligible groups for the exercise are first, employees of Federal Government MDAs scheduled to retire in 2022. Second, employees of Federal Government treasury-funded MDAs who missed the enrolment exercises in previous years.

Prior to enrolment, all retirees/prospective retirees are required to visit their PFAs and undergo the data recapture exercise, which entail providing their personal details including their National Identity Number (NIN). However, those who had undergone the data recapture exercise earlier are not required to repeat it.

The statement explained the enrolment options are self and pension desk officer/PFA assisted. The self-assisted retirees/prospective retirees are required to visit PenCom’s website (www.pencom.com.ng) and upload their employment details as well as scanned copies of required documents before proceeding to their respective PFAs for physical verification and enrolment.

The pension desk officer/PFA-assisted retirees/prospective retirees who are unable to complete the online registration for any reason could approach the pension desk officer of their respective MDAs or visit their PFAs for assistance. PenCom cleared that verification and enrolment by all concerned must be completed on or before 31 August, 2022

Patoma Admin by — June 16, 2022 in Pension 0
ECOWAS extends launch of single currency, ‘ECO’ to 2027

By Favour Nnabugwu
President of the Economic Community of West African States (ECOWAS) Commission, Mr Jean-Claude Brou, has said the community will launch the ECOWAS single currency “ECO” in 2027.
It will be reclled that the Authority of ECOWAS Heads of States and Government in June 2019 resolved to have a single currency and adopted the name “ECO” during its Extraordinary Session in Abuja.
Brou while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session of the Parliament in Abuja.
“And so, 2027 we go back to the currency. The process of the performance criteria is always prioritised if we want to be in a very favorable condition to introduce the single currency.
Brou said that the process of launching the single currency was stalled following the outbreak of the COVID-19 Pandemic from 2020, as countries needed to focus on handling the pandemic.
He said that the convergence criteria had to be thorough so that the currency once implemented will serve the citizens effectively.
“We had to suspend that in 2022, 2021. We are looking at 2022 to 2026 to be able to create conditions that will enable us to stabilise the economies.
“Because you can introduce the currency but what is required is that it should be of quality.
“In other words, it should serve the needs of the population and also should inspire confidence and trust in in the population.
“So that is the main objective, to ensure that the convergence criteria is been followed,” Brou said.
Member of the ECOWAS Parliament and Nigerian lawmaker representing Andoni-Opobi/Nkoro Federal Constituency of Rivers Awaji Abiante, said that the delay in the launch of the currency is to avoid any form of crisis.
Speaking to journalists on the sideline of the session, Abiante said that the single currency is work in progress and there is hope that sometimes it will work.
“Every good thing comes with its challenges so getting the economies of the 15 member states to agree on that transaction and how it can be moved forward.
“If it is hurried, definitely it could run into crisis so it is good to have every aspect of it discussed, agreement reached, such that it will be implementable,” Abiante said.
On the sustainability and benefits of the currency, Abiante said that until it is implemented, one cannot say how viable it would be.
“Whatever anybody says, it is just going to be mere projections, it is only when it is implemented that you will see the benefits.
“But simply put, it will ease transactions, it will open up the economies, it will make it free for people to engage in both commercial and industrial activities,” he said.
Patoma Admin by — June 16, 2022 in Foreign 0
Pictures of NCRIB’s Retreat in Epe, Lagos

CAPTIONS

Vice President, The Nigerian Council of Registered Insurance Brokers, Mrs. Ekeoma Ezeibe; President, Mr. Rotimi Edu, mni; Alara of Ilara Kingdom, Epe, Lagos, HRM Oba Olukayode Ogunsanwo; Commissioner for Insurance, Mr. Sunday Thomas; NCRIB Past President, Prince (Dr) Feyisayo Soyewo, mfr and Deputy President, Mr. Tunde Oguntade at the 2022 NCRIB Chief Executive Officers Retreat held in Epe, Lagos

L- Honourary Treasurer of the Nigerian Council of Registered Insurance Brokers, Mr. Ayo Akande; President, Professional Insurance Ladies Association (PILA), Mrs. Magaret Moore; President, NCRIB, Mr. Rotimi Edu, mni; Vice President, Mrs. Ekeoma Ezeibe; Deputy President, Chartered Insurance Institute of Nigeria, Mr. Edwin Igbiti and Honourary Auditor, NCRIB, Mrs Funke Adenusi, mni at the maiden Edition of NCRIB Insurance Awareness Walk held in Lagos 

Patoma Admin by — June 15, 2022 in Insurance 0
Nigeria remits $74.7m levy to ECOWAS Commission for 2021

By Favour Nnabugwu

 

 

Nigeria’s Delegation of Parliamentarians to the Parliament of the Economic Community of West African States (ECOWAS) has paid &74.7million as levy to the ECOWAS Commission.

The Community Levy is 0.5 percent, imposed on goods from non-ECOWAS member states. a mechanism put in place by the ECOWAS Heads of State and Government since 2003 with the intention to mobilize funds necessary for the accomplishment of ECOWAS missions

Presenting the Report on behalf of the Nigerian Delegation, at the ongoing First Ordinary Session of the ECOWAS Parliament, Honourable Lynda Chuba Ikpeazu in Abuja said the Nigerian Government is preparing to pay the 2022 levy.

“In 2021, Nigeria remitted a total sum of US$74,730,054.43 to the ECOWAS Commission”

“In line with Nigeria’s commitment to fulfilling her financial obligation to ECOWAS, the Federal Government is assiduously making arrangements to pay up the contribution for 2022,” she assured.

Speaking on the Protocol on Free Movement of Persons and Goods, the Nigerian Parliamentarian explained that Nigeria has constantly shown and will always show initiative in the implementation of ECOWAS Texts on the Protocol in Free Movement of Persons and Goods.

“In furtherance of this shared vision of an economically advanced region, the Federal government of Nigeria has reopened four (4) additional land borders of the country to ease regional trade.

“This is shown by her active involvement and support for the Lagos-Abidjan highway, that is projected to bring exponential socio-economic development to countries within the region,”

“Additionally, as a giant in the sub-region, the Nigerian Government continues to maintain her enduring commitment to the development of the region.

Patoma Admin by — June 15, 2022 in Foreign 0
Total assets under CPS hit N14. 06 trn – PenCom

By Favour Nnabugwu

 

 

National Pension Commission released on Friday.shoed that total assets under the Contributory Pension Scheme has hit N14.06trillion

This was contained in the National Pension Commission’s latest report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 30 April 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions

The funds, which ended December 31, 2021, at N13.42tn, rose to N13.61tn and N13.76tn as of the end of January and February 2022 respectively.

It rose to N13.88tn by the end of March, according to the data.

The data showed that N8.56tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills.

Other investment portfolios where the funds were invested included: domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds; corporate infrastructure bonds; corporate green bonds, and supranational bonds.

PenCom also disclosed that the total number of workers with Retirement Savings Accounts rose slightly to 9.648 million by the end of April, from 9.529 million at the end of December 2021.

Patoma Admin by — June 14, 2022 in Pension 0
Nigeria regrets N1.25trn losses to MRO in 2021

By Favour Nnabugwu

 

 

Nigeria may have regretted losing $2.5 billion (about N1.25 trillion) in Maintenance, Repair, and Overhaul, MRO investments to neighbouring countries as it was notfavourable to Nigeria

Maintenance, Repair, and Overhaul (MRO) services are essential for any industry that uses machinery to run operations. In the aviation sector, the term MRO aviation refers to all the activities that are aimed at ensuring that the aircrafts remain ready to fly at all times.

The Chief Executive, Federal Airports Authority of Nigeria (FAAN), Captain Rabiu Hamisu Yadudu who said this, stressed it shows the country’s potentials and capacity are grossly underutilized

The Minister of Aviation, Senator Hadi Sirika on this premise described the aviation sector in Nigeria as a gold mine, with lots of latent potentials waiting to be explored.

Sirika in his good will message at the ongoing FAAN National Aviation Conference with theme “Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport” where he lauded FAAN for putting together a great assembly of aviation professionals to discuss challenges militating against the efficiency of this industry, as well as proffering long lasting solutions to the challenges.

“Core variables driving air transport globally is safety and security thus stressing that the industry must continue to discuss issues that bother on these variables while ensuring the industry operates profitably, so as to be able to achieve efficiency and sustainability.

On the part of Government, our doors are open, and we are always willing and ready to discuss business, and partner with investors to bring the desired growth and development to the industry. I therefore implore well meaning Nigerians and foreign investors alike to come on board and take advantage of these business opportunities, with limitless potential for huge returns on investments.

Speaking on the capital flight funneled through a lack of an MRO in the country, the FAAN helmsman argued that with such investment as $2.5 billion in Nigeria, vast employment opportunities would have been created, as revenue generated would have spiked as well as increasing manpower as more technical personnel would be trained. 

“As we commence the process of rebounding, it is imperative to come together to identify and analyze the positives from these challenges, with a view to consolidating on them and fostering sustainable development in our industry

“Furthermore, we have assembled a crop of seasoned faculty who have distinguished themselves globally in various fields of aviation: from regulation, operation, financing, among other critical areas, to bring these issues to the fore, and also proffer lasting solutions.

Yadudu said, “At this juncture, let me state that our potentials and capacity in the global air transport industry is grossly underutilized. If we are desirous of attaining the status of a major player in the global aviation sphere, this is the time to reposition and move the industry forward.

“The focus is on Nigeria because we have the largest fleet of aircraft within the subregion. As at 2021, it was reported that Nigeria lost $2.5 billion (about N1.25 trillion) in MRO investments to neighbouring countries. Having such investments here would have created more employment opportunities for Nigerians, revenue generation and training of technical personnel for maintenance of aircraft.

He canvassed a repositioning of aviation in the world’s most populous black nation stressing that if Nigeria is desirous of attaining the status of a major player in the global aviation sphere it needs to get its acts right and such is the reason why the country stakeholders and experts need to develop a workable plan of action that will make Nigeria aviation more robust

“By the end of the conference, the conveners will come up with a working document that would be transmitted to all the stakeholders for immediate and sustained action. It will be a living document.

Patoma Admin by — June 14, 2022 in Aviation 0